Plenty paddy
Farmers in Nochchiyagama dry paddy on the road. The rice season is said to be very productive this year, according to the Central Bank. Pic by Karuwalagaswewa Jayarathna
More powers to the Treasury in procurement process
The Treasury has been entrusted with more powers to speed up the state procurement mechanism, being assigned supervisory authority over a process that was earlier handled by ministries. Instead of ministries appointing committees and supervising these committees for project procurement under their purview, the Treasury will now supervise these committees with names for these committees [...]
Twitter war between players with blame game on CSE continues
Interesting exchanges about market predictions gone wrong amidst looking for scapegoats to blame are making the rounds on Twitter. Disgruntled traders are doing the clap back on those who predicted Colombo Stock Exchange (CSE) highs. A frustrated trader called out a particular high networth trader in a tweet saying, “You have been telling people to [...]
Third wave closes borders on EU tourists
With the third wave of the coronavirus pandemic taking its toll in most of Europe these markets are looking at lockdowns as a result of which Sri Lanka is likely to face a slowdown in tourist traffic from these nations. Tourism Minister Prasanna Ranatunga told the Business Times that should the countries in Europe close [...]
Two family businesses to go public
At least two family businesses are working towards going public in the Colombo Stock Exchange (CSE) after the CSE with the Securities and Exchange Commission of Sri Lanka (SEC) recently engaged the family business community on the benefits of listing. Prime Lands, a property company and JAT Holdings, a local paint company, are amongst the [...]
Exchanging forks and spoons
Was it misleading or confusing? I posed this question to two well-known economists on Wednesday. Today was Thursday and the trio was under the margosa tree having their usual weekly conversation. “What is the significance of currency swaps, what do they mean?” I asked the first economist. “Well… a currency swap is simply exchanging each [...]
Global recovery and early warning
The global economy is on the road to recovery. It is being supported by the progressive COVID-19 vaccination programme as well. It could be a point to rejoice for many countries, but not for everybody. I thought of getting this point across today as an early warning. Some of the countries with weaker economic structures [...]
99x gears for next phase of global expansion through strategic leadership promotions
Tech firm 99x this week announced the promotion of seven key members of its executive management team. As a provider of high-end digital products to partners internationally, 99x has embarked on a series of innovative growth strategies and is confident of the insights and expertise these individuals will bring in driving them to success, through [...]
Aaraa & Aati launches deluxe cufflink collection for men
Aaraa & Aati, Sri Lanka’s homegrown luxury jewellery brand, has launched its opulent range of cufflinks, intending to fill the vacuum in luxury fashion accessories for men. The brand-new cufflink collection – sporting semi-precious and precious gems – was launched at ShirtWorks’ flagship store located in Liberty Plaza. ShirtWorks – also known as SWX – [...]
Lanka Ashok Leyland resumes vehicle assembly after 27 years
Taking a cue from new Standard Operations Procedure (SOP), Lanka Ashok Leyland PLC has resumed vehicle assembly operations in the country after 27 years of its factory shut down during the import relaxation period since 1994. Ashok Leyland’s factory in Jalthara, Homagama is now rolling out buses and lorries as the company’s imports from India [...]
Tikiri Toys – First organic rubber toy company in the world to be awarded GOLS accreditation
In a world first, Tikiri Toys – the acclaimed Sri Lankan brand of natural play products for children – is the first-ever natural rubber toy manufacturing company to be awarded the Global Organic Latex Standard (GOLS) accreditation. The accreditation, which was initiated by Tikiri Toys after recognising an industry need, is a pioneering award for [...]
Port City Colombo welcomes Cabinet approval to establish a Special Economic Zone
Port City investor company, CHEC Port City Colombo (Pvt) Ltd on Thursday welcomed cabinet approval given recently to establish the Colombo Port City Special Economic Zone. The zone will be an international business and services hub with specialised infrastructure facilities, the company said adding that this initiative will bring more Foreign Direct Investments to Sri [...]
Insurance Regulatory Commission marks 20th anniversary
The Insurance Regulatory Commission of Sri Lanka (IRCSL) celebrated its 20th anniversary on March 1. The IRCSL is established in terms of provisions of the Regulation of Insurance Industry Act, No 43 of 2000 with effect from March 01, 2001, the Commission said in a media release. Being the regulator of the insurance industry, the [...]
SDB bank first bank to upgrade to the latest Signature core banking platform from Fiserv
SDB bank has expanded its long-term relationship with Fiserv, Inc., a leading global provider of payments and financial services technology solutions, upgrading its core banking platform and teller solutions and reinforcing its commitment to financial inclusion and micro, small and medium enterprises (MSMEs) through the delivery of an enhanced customer-first banking experience. Known for the [...]
DPL enhances rubber supply chain in Moneragala
Continuing to strengthen the farmer co-operative societies in its loyalty network, Dipped Products PLC (DPL) distributed rubber plants to smallholder farmers in the Moneragala District under its flagship sustainability initiative: DPL Firstlight. The plants for the inaugural distribution were sourced from a new nursery established by DPL. Setting in motion plans to continue the initiative [...]
NDB emerges as the Best Bank in Sri Lanka 2021 adjudged by prestigious Global Finance USA
National Development Bank PLC has been crowned as Sri Lanka’s Best Bank 2021 by the prestigious Global Finance Magazine of USA, in its 28th edition of awards for the World’s Best Banks. This much-coveted win by NDB closely follows the bank being recognised as The Bank of the Year Sri Lanka 2020 in December 2020, [...]
New kid on the block food delivery business in new highs
Virtrans Capital (Pvt) Ltd, a holding company with plans to start at least two new businesses and expand three more under its umbrella, is trailblazing with their ambitions growth plans. Their latest venture, FOODIE, an app based food delivery business which started as a needs-based service is taking off backed by their unique offering. In [...]
Mobile insurance: Enabling affordable insurance for all Sri Lankans
Sri Lanka tends to rank low in terms of insurance penetration compared to the rest of the region, with insurance premium amounting to little over 1 per cent (2019) of the country’s GDP whereas the average in other countries in the region are around 3 per cent to 4 per cent. One of the main [...]
EFL 3PL becomes 1st GDP Certified 3PL Service Provider
EFL 3PL, a member of the leading conglomerate Expolanka Holdings PLC, has been certified by Bureau Veritas as a ‘GDP certified 3PL service provider’ for its pharmaceutical supply chain, thereby making them the first logistics company in Sri Lanka to obtain this certification. This internationally reputed certification cements the company’s new focus on expanding its [...]
Asia Pacific’s largest logistics property developer, explores investment opportunities
Stuart Gibson, Co-Founder & Co-CEO of Hong Kong listed ESR Cayman Ltd, one of APAC’s largest logistics property platforms, visited Sri Lanka recently. Mr. Gibson and his senior management team held talks with the top level of the Sri Lankan government including President Gotabaya Rajapaksa, Prime Minister Mahinda Rajapaksa, State Ministers Nivard Cabraal, Tharaka Balasooriya [...]
Medina holdings (Pvt) Ltd launches 23SEVEN Media Desk
Medina holdings (Pvt) Ltd this week announced the launch of its official advertising division: 23SEVEN Media Desk, which will help build, enhance and drive businesses and brands to its potential. Offering fresh solutions and services by breaking down stagnant patterns in order to look at things differently, 23SEVEN promises to make ideas happen and change [...]
Sampath Bank powers real-time online payments to Inland Revenue Department with LankaPay
Sampath Bank PLC has joined hands with LankaClear to become one of the first banks in the country to facilitate real-time online payments to the Inland Revenue Department (IRD). Sampath Bank customers will now be able to make payments to the IRD, 24 x 7 x 365, directly from their savings or current accounts using [...]
LOLC wins People’s Choice accolade, 5 years in a row
Sri Lanka’s leading financial conglomerate, LOLC was voted best by the people for the 5th consecutive year when it was crowned as the “Financial Service Provider of the Year” at the SLIM-Nielsen Peoples Awards 2021. The awards ceremony took place recently at the BMICH. The event was organised by the Sri Lanka Institute of Marketing [...]
Is SL’s economy recovering? CB convinced this is happening
Is Sri Lanka’s economy on a recovery path? The Central Bank (CB) believes so. On Thursday, the CB released a slide-show presentation on the economy highlighting that the economy in 2020 had shown a smaller contraction in growth compared to a higher number forecast by multilateral agencies. In 2020, the IMF said Sri Lanka’s economy [...]
South Asia is coming together to beat marine plastic pollution
Collaboration, cooperation, consensus – these words are seldom used when describing the interactions of the eight sovereign nations that make up South Asia. For a variety of reasons, South Asia is considered the least integrated region in the world with restrictions on the movement of people, goods, services and capital. Yet, Afghanistan, Bangladesh, Bhutan, India, [...]
Blue Diamonds Jewellery PLC records profits after nearly a decade
Blue Diamonds Jewellery PLC, for the first time in nearly a decade has regained its sparkle and recording profits during Q3 of FY 20/21. Although Q1 and Q2 amidst the initial outbreak of the COVID-19 pandemic was justifiably bleak, Q3 of FY 20/21 saw the company making notable profits of Rs. 10.6 million, for the [...]
Sustainable corporate leadership award 2021 for Kishu
Corporate personality Dr. Kishu Gomes was conferred with another national leadership award at a recently held award ceremony at the Taj Samudra Hotel, Colombo for his continuous contribution to the country’s economic and social development via multiple areas especially focusing on the young workforce of Sri Lanka. The award was presented to him by Susil [...]
HCL ties up with Horizon campus to provide IT training to youths
Human capital is the most successful investment in a country for development and Sri Lanka is the first country to be introduced with HCL technology following the launch of it in India about three years ago, said Srimathi Shivashankar, Corporate Vice President of HCL Technologies, at the launch of the TechBee project held at the [...]
SL secures Chinese swap to tackle dollar dependency
China has stepped up the process of its currency renminbi (yuan) internationalisation expanding the role of the currency in Sri Lanka while increasing its weight in current account and capital account transactions and foreign reserve holdings. The Central Bank (CB) and the People’s Bank of China (PBC) entered into a bilateral currency swap agreement with [...]
Tile and sanitary ware importers concerned over severe product shortage
Sri Lanka tile and sanitary ware importers continued their agitation highlighting the present plight of the industry which has been affected due to import restrictions since April last year. The importers urged the government to create level playing field for them and three local manufacturers to meet the local demand of ceramic products as the [...]
Lanka Spice wins
Nalin Pathikirikorale, Chairman of Lanka Spice (Pvt) Ltd (left), receiving an award at the 24th Sri Lankan Entrepreneur of the Year Awards held on Thursday at the BMICH. Pic by Priyanka Samaraweera.
EFC hosts ‘Women in Leadership: Working towards equal opportunities amidst COVID-19 challenges’
The Training and Certifications Unit of the Employers’ Federation of Ceylon (EFC) recently organised a webinar titled, ‘Women in Leadership: Working towards equal opportunities amidst COVID-19 challenges’. The webinar which was aligned with the International Women’s Day, provided a platform to discuss the efforts taken locally and internationally to shape a ‘more equal future’ for [...]
Testing BOI workers before going home
Sri Lankan health authorities are currently carrying out tests on employees in the BOI zones ahead of the New Year holidays. In a bid to ensure that those working in the zones do not carry home any diseases the Health Ministry and the Gampaha Epidemiology Unit have requested the companies to allow them to carry [...]
Three landmark LEED Certifications for Star Garments Group including Sri Lanka’s first LEED (V4) Platinum building
Star Garments Group (Star), a leading global apparel manufacturing company, has announced LEED Platinum and Gold certifications for several of its facilities. The three facilities awarded, namely, Star Garments Koggala (LEED Gold), Star Garments Innovation Center (LEED Platinum), and Star Fashion Clothing Galle (Platinum) are testament to the organisation’s commitment to environmental sustainability and the [...]
Sri Lanka launches first Internet Day with Indian Co-Chair
The digital chapter of the Federation of Information Technology in Sri Lanka (FITIS) is gearing up to launch the first ever ‘Sri Lanka Internet Day 2021’ next month. The two-day virtual event which will be held in association with the Ministry of Technology and the State Ministry of Education Reforms, Open Universities and Distance Learning [...]
Dialog wins big at SLIM People’s Awards 2021
Sri Lankan consumers have voted Dialog as the ‘Youth Choice – Service Brand of the Year’ and ‘Service Brand of the Year’ for the second consecutive year and the ‘Telecommunication Brand of the Year’ for a record 10th year running at the SLIM People’s Awards 2021. Voted for by the public to recognise brands that [...]
New Bolagala Floating Agro Tourism Resort in Katana
Bolagala Floating Agro Tourism Resort in Katana located close to the Negombo tourism hub will be the newest addition to the inventory of unique experiences for tourists visiting Sri Lanka. It has received the approval of Sri Lanka Tourism (SLT). This is the first-ever floating resort in Sri Lanka created adopting an agro-tourism theme consists [...]
Bitcoin needn’t be under cover
Here’s another one for the Central Bank (CB). Bitcoin trading which hasn’t been sanctioned by the CB is in fact very much happening but probably not without the regulator’s knowledge. In 2018 the CB notified the public saying that it hasn’t licenced or authorised any entity to operate schemes on virtual currencies, including cryptographical functions [...]
CIMA and Association of Professional Bankers in strategic collaboration
The Association of Professional Bankers – Sri Lanka (APB) and the Chartered Institute of Management Accountants have entered into a collaborative agreement with the aim of creating value to the members of APB and the banking sector. The partnership focuses on strategic initiatives to support and develop human capital in the banking sector. The agreement [...]
Berendina conducts arts competition in the Central Region
An art competition was conducted under the themes of Sexual Gender Based Violence (SGBV) and COVID-19 Pandemic in the Central region by Berendina Development Services (BDS) recently. Asia Foundation partnered with BDS in organising the competition which was held from December 15, 2020 to March 5, 2021. The competition was conducted covering Watawala, Ginigathena and [...]
Plantations seek out investors
Loss-making plantations are being eyed for foreign investments to carry out projects on these to make them viable and profit-making. It is learnt that the Janatha Estate Development Board (JEDB) and the Sri Lanka State Plantations Corporation (SLSPC) plantations which have long been loss-making assets are now being considered for foreign investment projects on their [...]